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1、2023年上半年中国海外投资概览安永中国海外投资业务部安永中国海外投资业务部2023年8月14日Click for EnglishOverview of China outbound investment of H1 2023中国对外直接投资保持增长态势，海外并购继续萎缩但拉美和大洋洲录得逆势增长2023年上半年中国海外投资概览第2页今年以来，中国经济社会已全面恢复常态化运行，上半年经济增长5.5%1，基本符合预期，企业“走出去”动能也进一步增强，对外直接投资保持增长态势。今年下半年即将举办的第三届“一带一路”国际高峰论坛、首届中国国际供应链促进博览会等活动也将进一步为中企的国际化发展提供交流

2、合作平台。此外，近期中国政府发布了关于促进民营经济发展壮大的意见，其中明确提出要“鼓励民营企业拓展海外业务，积极参与共建一带一路，有序参与境外项目”，并提出将“更好指导支持民营企业防范应对贸易保护主义、单边主义、长臂管辖等外部挑战。强化部门协同配合，针对民营经济人士海外人身和财产安全，建立防范化解风险协作机制。”安永认为这必将为民营企业大胆“走出去”提供更多信心和保障，随着中国经济继续向好发展，今年下半年中企“走出去”有望提速。然而，出海企业也需警惕一些外部环境的挑战，如国际市场需求持续放缓，全球经济复苏弱于预期，外国直接投资审查趋严的趋势仍在持续，以及人民币近期波动较大也需加强关注汇率风险等

3、。周昭媚周昭媚中国海外投资业务部全球主管中国海外投资业务部全球主管第2页资料来源：1.中国统计局2023年上半年中国海外投资概览第3页本期摘要本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读资料来源：1.中国商务部；2.Refinitiv、Mergermarket，包括香港、澳门和台湾的对外并购交易，数据包括已宣布但尚未完成的交易，于2023年7月5日下载；安永分析中国全行业对外直接投资753.6亿美元，同比增长9.6%；非金融类对外直接投资622.9亿美元，同比增长14.8%，其中对“一带一路”沿线国家非金融类直接投资115.7亿美元，

4、同比增长15.4%。对外直接投资对外直接投资1中企宣布的海外并购总额仅为117.3亿美元，为十年同期最低，同比下降14%；宣布的交易数量为224宗，同比下降13%，其中二季度宣布的交易宗数环比大幅下降33%，为近年来单季新低。从行业角度，按金额计电力与公用事业跃升为第一大热门行业，金融服务业和先进制造与运输业分别位列二和三，前三大行业占总额比例达54%。电力与公用事业逆势大幅增长；按交易数量，前三大热门行业为TMT*、先进制造与运输以及金融服务业，占总量的58%。从区域来看，拉丁美洲本期宣布的并购额最大，本期各大洲中仅有拉丁美洲和大洋洲交易金额录得增长，交易数量仅有北美洲录得增长。海外并购海外

5、并购2对外承包工程新签合同额946.7亿美元，同比下降8.6%；完成营业额707.3亿美元，基本持平。对外承包工程对外承包工程1*TMT行业包括科技、媒体和娱乐以及通信业数据显示，2023年上半年：2023年上半年中国海外投资概览第4页对外直接投资（ODI）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读对外直接投资继续保持稳定增长，“一带一路”沿线增速较快对外直接投资继续保持稳定增长，“一带一路”沿线增速较快中国全行业对外直接投资额（亿美元）中国全行业对外直接投资额（亿美元）数据显示，2023年上半年：中国全行业对外直接投资全行业对外直

6、接投资753.6亿美元亿美元，同比增长9.6%其中非金融类对外直接投资622.9亿美元亿美元，同比增长14.8%对“一带一路”沿线国家对“一带一路”沿线国家非金融类直接投资非金融类直接投资115.7亿美元亿美元，同比增长15.4%占同期总额的18.6%主要投向东盟、阿联酋、哈萨克斯坦和俄罗斯等国家和地区注：图表数据统一保留至整数位，并由于四舍五入的缘故，其合计数未必与总计数相等资料来源：中国商务部月度简明统计数据对“一带一路”沿线国家非金融类直接投资额（亿美元）对“一带一路”沿线国家非金融类直接投资额（亿美元）210582031781504051,4651,4521,3291,171264 2

7、57 318 343 405 310 292 396 345 349 296 458 358 380 301 322 381 397 05001,0001,50020192020202120222023一季度二季度三季度四季度38 42 44 53 58 30 39 52 48 58 32 49 53 56 50 48 54 53 05010015020020192020202120222023一季度二季度三季度四季度1167542023年上半年中国海外投资概览第5页海外并购（M&A）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读拉美地

8、区并购金额逆势大幅上涨，二季度海外并购数量骤降至近年单季新低拉美地区并购金额逆势大幅上涨，二季度海外并购数量骤降至近年单季新低2023年上半年：中企宣布的海外并购总额宣布的海外并购总额仅为117.3亿美元亿美元，为近十年同期最低，同比下降14%，宣布的交易数量，宣布的交易数量为224宗，同比下降13%二季度宣布的交易宗数环比大幅下降33%，为近年来单季新低注：图表数据统一保留至整数位，并由于四舍五入的缘故，其合计数未必与总计数相等资料来源：Refinitiv、Mergermarket，包括香港、澳门和台湾的对外并购交易，数据包括已宣布但尚未完成的交易，于2023年7月5日下载；安永分析中企宣布

9、的海外并购金额中企宣布的海外并购金额（亿美元）（亿美元）中企宣布的海外并购宗数中企宣布的海外并购宗数648534535582416782169731674738 7693798880 285 90 197 95 252 160 139 86 020040060080020192020202120222023一季度二季度三季度四季度317117141 123 140 121 134 156 153 122 137 90 171 118 138 140 180 140 135 147 020040060080020192020202120222023一季度二季度三季度四季度5452242023年上

10、半年中国海外投资概览第6页海外并购（M&A）（续）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读2023年上半年：按交易金额计，电力与公用事业电力与公用事业，金融服务业金融服务业以及先进先进制造与运输业制造与运输业，共占总交易额的54%。其中，电力与公电力与公用事业用事业大幅增长438%，金融服务业和房地产、酒店与建造也录得一定增幅。今年二季度宣布大型交易包括：1.中企收购位于秘鲁的两家配电业务和能源服务公司（合计约29亿美元），此项投资将帮助该中企扩大并巩固拉美市场2.中企收购英国某房地产投资信托基金（约10.3亿美元）按交易数量计，

11、热门行业为TMT、先进制造与运输业先进制造与运输业和金融服务业金融服务业。TMT继续成为第一大热门行业，宣布了69笔交易，占总交易量超三成，远超其他行业。资料来源：Refinitiv、Mergermarket，包括香港、澳门和台湾的对外并购交易，数据包括已宣布但尚未完成的交易，于2023年7月5日下载；安永分析按交易金额按交易金额按交易数量按交易数量行业行业分析分析电力与公用事业26%金融服务20%先进制造与运输14%房地产、酒店与建造10%采矿和金属8%TMT8%医疗与生命科学6%消费品5%其他3%前五大行业前五大行业宗数宗数同比同比增长率增长率1 TMT69+3%2 先进制造与运输31-1

12、1%3 金融服务29-9%4 消费品28+40%5 医疗与生命科学17-43%TMT31%先进制造与运输14%金融服务13%消费品12%医疗与生命科学8%采矿和金属6%电力与公用事业6%房地产、酒店与建造5%其他5%前五大行业前五大行业金额金额（亿美元）（亿美元）同比同比增长率增长率1 电力与公用事业30.5+438%2 金融服务16.4+11%3 先进制造与运输16.0-7%4 房地产、酒店与建造12.5+64%5 采矿和金属11.9-18%2023年上半年中国海外投资概览第7页海外并购（M&A）（续）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅

13、读安永推荐阅读区域分析区域分析金额宗数大洲大洲亚洲16.3亿美元87宗欧洲29.6亿美元61宗北美洲19.5亿美元49宗大洋洲13.9亿美元12宗非洲6.1亿美元6宗拉丁美洲32亿美元9宗资料来源：Refinitiv、Mergermarket，包括香港、澳门和台湾的对外并购交易，数据包括已宣布但尚未完成的交易，于2023年7月5日下载；安永分析2023年上半年中国海外投资概览第8页海外并购（M&A）（续）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读区域分析区域分析中企在拉丁美洲宣布的并购金额在近十年首次排名第一。近年来，中国在拉美的“

14、朋友圈”不断扩大，今年上半年巴西总统访华；洪都拉斯与中国建交，其总统首次访华；中国与阿根廷签署了共建“一带一路”合作规划；这些都促使中拉经贸关系不断推进。此外，今年下半年还将在北京举办第十六届中拉企业家峰会，预计将进一步推动中拉企业的交流与合作，实现共赢发展。预计今年拉美主要国家中墨西哥、秘鲁、巴西经济将分别增长2.6%、2.4%和2.1%，领先其他拉美国家，阿根廷经济将衰退2.5%1。同比增长 1,737%32 亿亿美元美元同比下降 40%9 宗宗拉丁美洲拉丁美洲中企在欧洲宣布的并购金额为近十年同期新低，超四成并购金额投向金融服务业，其他热门行业还包括采矿与金属业和房地产、酒店与建造业。主要

15、目的地为英国和德国，并购金额分别逆势上涨117%和91%，两国合计并购金额占中企在欧洲宣布的并购总额的86%。近期中欧高层互访频繁，中国在经贸方面十分重视欧洲市场。今年6月，中国总理李强就任后的首次出访选择了德国和法国，德法两国也均表示反对任何形式的“脱钩”，并且欢迎中国企业前往投资。未来，中国将与德法两国深化在汽车制造、高科技、新能源、数字经济、半导体等领域的合作。2023年，欧洲国家整体经济增长疲弱，通胀水平依然较高，欧元区预计今年仅增长0.9%，远低于全球平均的3%，尤其是德国预计将衰退0.3%1。同比下降 44%29.6 亿美元亿美元同比下降 24%61 宗宗欧欧洲洲资料来源：1.世界

16、经济展望报告更新，国际货币基金组织（IMF），2023年7月；世界经济展望报告，国际货币基金组织（IMF），2023年4月2023年上半年中国海外投资概览第9页海外并购（M&A）（续）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读区域分析区域分析本期唯一交易数量有所增长的大洲，虽然同比并购金额有所下降，但交易活跃程度有增无减，其中TMT行业交易量大幅增长150%，主要投向软件开发和电子元件等领域。中企在医疗与生命科学和TMT行业的并购额占中企在北美洲并购总额的75%。目前，美国通货膨胀率已降至3%左右1，据预测，美国经济今年将增长1.8

17、%，消费者支出增长强劲，IMF在其7月最新预测中将美国经济预期上调了0.2 个百分点（较4月预测）2。同比下降 28%19.5 亿美元亿美元同比增长 11%49 宗宗北美洲北美洲主要投向南非和埃及的先进制造与运输业。二季度的主要交易为中企收购南非某水泥生产商，是该企业积极推进海外发展战略，布局新兴市场的又一关键举措，预计将强化其在该区域的领先地位。中国已成为非洲第四大投资来源国，并保持非洲第一大贸易伙伴国地位4。近期，第三届中非经贸博览会在中国成功举办，签约成果和数量为历届之最，中非经贸合作正迈向高质量发展新台阶。预计今年东非国家将保持较高经济增长，如埃塞俄比亚、肯尼亚、坦桑尼亚将分别增长6.

18、1%、5.3%和5.2%2。同比下降 61%16.3亿美元亿美元同比下降 3%87 宗宗亚洲亚洲主要投向澳大利亚的采矿与金属业，房地产、酒店与建造和消费品行业。同比增长 225%13.9亿美元亿美元同比下降 45%12 宗宗大洋洲大洋洲同比下降 24%6.1 亿亿美元美元6 宗宗非洲非洲前三大并购目的地为越南、新加坡和日本，合计占总并购金额的64%，其中对越南投资逆势上涨，投资金额和数量增幅都超过200%。整体来看，中企在东盟的并购活跃度有所上升，并购数量同比增长35%。中企在亚洲并购的主要行业为房地产、酒店与建造，金融服务业和先进制造与运输业。预计印度和东盟五国3将在今年分别增长6.1%和4

19、.6%，其中菲律宾和越南将分别以6%和5.8%的经济增长领跑东盟2。同比下降 14%资料来源：1.美国劳工部，2023年6月数据；2.世界经济展望报告更新，国际货币基金组织（IMF），2023年7月；世界经济展望报告，国际货币基金组织（IMF），2023年4月；3.注：东盟五国包括马来西亚、印度尼西亚、泰国、菲律宾和新加坡；4.中国政府网；2023年上半年中国海外投资概览第10页海外并购（M&A）（续）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读区域分析区域分析2023年上半年中企宣布的海外并购前十大目的地年上半年中企宣布的海外并购前

20、十大目的地（按交易金额，亿美元）（按交易金额，亿美元）2023年上半年中企宣布的海外并购前十大目的地年上半年中企宣布的海外并购前十大目的地（按交易数量，宗数）（按交易数量，宗数）资料来源：Refinitiv、Mergermarket，包括香港、澳门和台湾的对外并购交易，数据包括已宣布但尚未完成的交易，于2023年7月5日下载；安永分析目的地目的地2023年年上半年上半年2022年年上半年上半年同比同比增长率增长率1秘鲁30.3/2英国21.29.8+117%3美国19.326.4-27%4澳大利亚13.94.1+234%5越南4.71.5+217%6德国4.12.2+91%7埃及3.8/8新加

21、坡3.211.7-72%9日本2.44.0-39%10南非2.3/目的地目的地2023年年上半年上半年2022年年上半年上半年同比同比增长率增长率1美国4137+11%2新加坡3119+63%3德国1613+23%4日本1320-35%5澳大利亚1220-40%6英国1017-41%7韩国917-47%8加拿大87+14%8意大利84+100%10越南72+250%10法国79-22%10马来西亚76+17%2023年上半年中国海外投资概览第11页对外承包工程（EPC）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读对外承包工程新签合同额

22、持续下降，完成营业额基本持平对外承包工程新签合同额持续下降，完成营业额基本持平2023年上半年，中企对外承包工程中企对外承包工程新签合同额946.7亿美元亿美元，同比下降8.6%在“一带一路”沿线国家和地区，新签合同额476.4亿美元亿美元，同比下降8.8%，占同期总额的50.3%。完成营业额707.3亿美元亿美元，基本持平在“一带一路”沿线国家和地区完成营业额400.8亿美元亿美元，同比增长4.4%，占同期总额的56.7%。二季度中企在海外新签EPC大项目1包括：1.阿联酋某单体公寓建设项目（总投资约10.07亿美元）2.东非原油外输管道项目（合同金额约8.06亿美）3.沙特某石化工程总承包

23、项目（合同金额约7.2亿美元）4.埃塞俄比亚工业园项目（合同金额暂约 6 亿美元）注：图表数据统一保留至整数位，并由于四舍五入的缘故，其合计数未必与总计数相等资料来源：中国商务部月度简明统计数据2023年上半年中国对外承包工程新签合同额（亿美元）年上半年中国对外承包工程新签合同额（亿美元）1.资料来源：公开信息整理2023年年上半年上半年中国对外承包工程完成中国对外承包工程完成营业营业额（亿美元）额（亿美元）506554535 474 432 553 518 569 562 515 408430492 435 11361052989 1,060 01,0002,0003,00020192020

24、202120222023一季度二季度三季度四季度2,6039472,5312,5552,585331 280 301 290 317 372326378416391 31830739536470864747548005001,0001,5002,00020192020202120222023一季度二季度三季度四季度7071,5501,5491,7291,5602023年上半年中国海外投资概览第12页安永中国海外投资业务部：全球网络China Overseas Investment Network(COIN)COIN在美洲、EMEIA（欧洲、中东、印度及非洲）和亚太各大区现有的中国业务团队的基础

25、上，将全球的安永专业人员连接在一起，在海外投资的各个阶段，从投资计划到执行和投后整合，为中国客户提供一站式服务。国际化背景和本土化专业人才国际化背景和本土化专业人才多种语言的无缝专业服务多种语言的无缝专业服务丰富的跨国服务经验和全面的服务领域丰富的跨国服务经验和全面的服务领域全球服务网络覆盖的国家和地区协助开展海外业务的中企数量服务中企的海外项目数量*以上为过去三年的数据协助在“一带一路”共建国家开展业务的中企数量在“一带一路”共建国家协助中企参与的项目数量服务网络覆盖的“一带一路”国家和地区70+3,200+74,000+90%1,600+34,000+美洲区美洲区加拿大美国加勒比地区以色列

26、玻利维亚厄瓜多尔牙买加墨西哥秘鲁委内瑞拉阿根廷巴西智利澳大利亚新西兰日本韩国文莱柬埔寨印度尼西亚老挝马来西亚缅甸菲律宾新加坡斯里兰卡泰国越南亚太区亚太区奥地利比利时捷克丹麦芬兰法国德国希腊匈牙利意大利哈萨克斯坦吉尔吉斯斯坦卢森堡荷兰挪威巴基斯坦波兰葡萄牙罗马尼亚西班牙瑞典瑞士土耳其英国乌兹别克斯坦巴林埃及科威特沙特阿拉伯阿联酋印度阿尔及利亚安哥拉喀麦隆刚果民主共和国埃塞俄比亚利比亚莫桑比克尼日利亚南非南苏丹乌干达赞比亚津巴布韦欧洲、中东、印度及非洲区欧洲、中东、印度及非洲区2023年上半年中国海外投资概览第13页我们的全球COIN网络如欲取得更多有关中国海外投资业务部的信息，请浏览我们的网站

27、2629 香港吕晨吕晨中国海外投资业务部全球税务主管+86 21 2228 2798 上海苏丽苏丽大中华区战略与交易咨询服务主管+86 21 2228 上海朱亚明朱亚明大中华区能源资源行业联席主管华北区战略与交易咨询服务主管+86 10 5815 3891 北京郝进军郝进军中国企业海外投资税务中心联合主管+86 10 5815 北京刘国华刘国华大中华区财务会计咨询服务主管+86 21 2228 上海 美洲区美洲区肖楚强肖楚强中国海外投资业务部加拿大主管+1 416 943 加拿大多伦多张晓青张晓青中国海外投资业务部美洲区主管+1 617 375 美国波士顿张嘉琪张嘉琪中国海外投资业务部南美洲主

28、管+55 11 9625 巴西圣保罗徐清华徐清华中国海外投资业务部EMEIA区主管+33 1 4693 4363qinghua.xu-法国巴黎孙轶孙轶中国海外投资业务部欧洲西部主管+49 211 9352 德国杜塞尔多夫李素雯李素雯中国海外投资业务部英国、爱尔兰主管+44 20 7951 英国伦敦亚太区亚太区许润翔许润翔中国海外投资业务部东盟区主管+65 6309 新加坡李强李强中国海外投资业务部大洋洲区主管+61 2 9248 5008 澳大利亚悉尼海外海外区域区域张毅强张毅强审计合伙人安永华明会计师事务所+86 10 5815 北京 欧洲、中东、印度及非洲欧洲、中东、印度及非洲(EMEIA

29、)区区陈凯陈凯安永中国主席大中华区首席执行官全球管理委员会成员+86 10 5815 北京张顺源张顺源国际及并购重组税务咨询合伙人安永（中国）企业咨询有限公司+86 21 2228 上海大中华区大中华区蔡伟年蔡伟年大中华区国际及并购重组税务咨询主管+86 10 5815 北京谢明发谢明发大中华区区咨询服务市场拓展主管+86 21 2228 上海安永是指 Ernst&Young Global Limited 的全球组织，加盟该全球组织的各成员机构均为独立的法律实体，各成员机构可单独简称为“安永”。Ernst&Young Global Limited 是注册于英国的一家保证（责任）有限公司，不对外

30、提供任何服务，不拥有其成员机构的任何股权或控制权，亦不担任任何成员机构的总部。请登录 。2023 安永，中国。版权所有。APAC no.03017983ED None.本材料是为提供一般信息的用途编制，并非旨在成为可依赖的会计、税务、法律或其他专业意见。请向您的顾问获取具体意见。 of China outbound investment of H1 2023EY China Overseas Investment Network 14 Aug 2023点击浏览中文版2023年上半年中国海外投资概览Chinas outward direct investment maintains growth

31、 momentum,overseas M&A in Latin America and Oceania surges despite the total continues to declineOverview of China outbound investment of H1 2023Since the beginning of this year,Chinas economic societies have resumed normal operations,and the economy has continued to recover,with a 5.5%economic grow

32、th in the first half1,meeting expectations.The momentum for Chinese companies to go abroad has also strengthened,as outward direct investment(ODI)continues to grow.Upcoming events in the second half of the year,such as the third Belt and Road Forum for International Cooperation and the inaugural Chi

33、na International Supply Chain Expo,will provide further platforms for international cooperation and development for Chinese companies.Additionally,the recent release of the Chinese governments Opinions on Promoting the Development and Growth of the Private Economy explicitly encourages private enter

34、prises(POEs)to expand overseas operations and actively participate in the Belt and Road Initiative(BRI).It also outlines support for guiding and assisting private enterprises in countering external challenges such as trade protectionism,unilateralism,long-arm jurisdiction and enhancing coordination

35、among relevant departments to establish risk prevention and resolution mechanisms for the safety of private entrepreneurs and their overseas interests.EY believes that these measures will give confidence and assurance for POEs to boldly go abroad.As Chinas economic development continues to accumulat

36、e momentum,Chinese companies overseas expansion is expected to accelerate in the second half of the year.However,companies should remain cautious about external challenges,such as continuous slowdown in international market demand,weaker-than-expected global economic recovery,increasing scrutiny on

37、foreign direct investments,and the recent volatility in the RMB exchange rate,which requires more attention.Loletta ChowGlobal Leader of EY China Overseas Investment NetworkPage 2Source:1.China National Bureau of StatisticsOverview of China outbound investment of H1 2023SummarySummaryODIOverseas M&A

38、sOverseas EPCSources:1.China MOFCOM.2.Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 5 July 2023;EY analysisODI1Chinas overall outward direct investment(ODI)reached US$75.4 billion,up 9.6%year-on-y

39、ear(YOY);Non-financial ODI amounted to US$62.3 billion,up 14.8%YOY,of which non-financial investment in Belt and Road(B&R)countries reached US$11.6 billion,growing by 15.4%YOY.Overseas M&As2Chinese enterprises announced a total overseas mergers and acquisitions(M&A)value of only US$11.7 billion,the

40、lowest in a decade,declining by 14%YOY;there were 224 announced deals,dropping by 13%YOY,with a sharp decline of 33%quarter-on-quarter(QOQ)in the number of deals announced in the second quarter,reaching a new low for recent years.Sector-wise,power&utilities ranked as the top sector in terms of deal

41、value,with financial services and advanced manufacturing&mobility ranking second and third,respectively.The top three sectors accounted for 54%of the total deal value,and power&utilities sector experienced a significant surge.In terms of deal volume,the top three sectors were TMT*,advanced manufactu

42、ring&mobility,and financial services,accounting for 58%of the total volume.Regionally,Latin America recorded the largest M&A deals in this period,with only Latin America and Oceania showing growth in deal value,while North America was the only region with an increase in deal volume.Overseas EPC1Newl

43、y-signed contracts for China overseas engineering,procurement&construction(EPC)projects amounted to US$94.7 billion,declining by 8.6%YOY;completed turnover was US$70.7 billion,remaining relatively stable.*The TMT sector refers to technology,media&entertainment and telecommunicationsPage 3Data reveal

44、s that in H1 2023,Overview of China outbound investment of H1 2023ODISummaryODIOverseas M&AsOverseas EPCODI continued to show stable growth,with a faster pace along the B&RChina overall ODI(US$billion)Data reveals that in H1 2023,China overall ODI reached US$75.4b,up9.6%YOY.China non-financial ODI r

45、eached US$62.3b,up 14.8%YOY.The B&R non-financial ODI reached US$11.6b,up 15.4%YOY.Accounting for 18.6%of the total.These investments were mainly directed toward countries and regions such as ASEAN,the UAE,Kazakhstan,and Russia.China non-financial ODI along the B&R(US$billion)Note:Due to rounding,so

46、me totals may not correspond with the sum of the individual quarters.Source:Monthly Statistics in Brief,China MOFCOM117.1132.9145.2146.515.017.820.321.0Page 426.425.731.834.340.531.029.239.634.534.929.645.835.838.030.132.238.139.705010015020192020202120222023Q1Q2Q3Q43.84.24.45.35.83.03.95.24.85.83.2

47、4.95.35.65.04.85.45.30510152020192020202120222023Q1Q2Q3Q475.411.6Overview of China outbound investment of H1 2023SummaryODIOverseas M&AsOverseas EPCOverseas M&AsLatin America witnessed a significant surge in M&A deal value,while overseas deal volume in Q2 hit a new lowIn H1 2023,The value of announc

48、ed China overseas M&As deals was only US$11.7b,down 14%YOY to a recent quarterly low.The volume of announced deals was224,declining by 13%.Moreover,deal volume announced in the second quarter dropped significantly by 33%QOQ,reaching a new low for a single quarter in recent years.Value of announced C

49、hina overseas M&As(US$billion)Volume of announced China overseas M&As Note:Due to rounding,some totals may not correspond with the sum of the individual quarters.Sources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,dat

50、a was downloaded on 5 July 2023;EY analysisPage 516.97.316.74.73.87.69.37.98.88.028.5919.79.525.216.013.98.602040608020192020202120222023Q1Q2Q3Q414112314012113415615312213790171118138140180140135147020040060020192020202120222023Q1Q2Q3Q478.241.658.231.711.7648534535545224Overview of China outbound in

51、vestment of H1 2023Sector analysisIn H1 2023,In terms of M&A deal value,the top three popular sectors in H1 2023 were power&utilities,financial services,and advanced manufacturing&mobility,together accounting for 54%of the total deal value.Power&utilities experienced a substantial growth of 438%,whi

52、le financial services and real estate,hospitality&construction also recorded certain increases.Notable large transactions announced in the second quarter this year include:1.A Chinese enterprise acquiring two power distribution businesses and energy service companies in Peru(totaling approximately U

53、S$2.9 billion),which will help the Chinese enterprise expand and consolidate its presence in the Latin American market;2.A Chinese enterprise acquiring a real estate investment trust in the UK(approximately US$1 billion).In terms of deal volume,the popular sectors were TMT,advanced manufacturing&mob

54、ility,and financial services.TMT remained the top hot sector,announcing 69 transactions,accounting for over 30%of the total deal volume,far surpassing other sectors.Overseas M&As(contd)SummaryODIOverseas M&AsOverseas EPCPage 6P&U26%FS20%AM&M14%RHC10%M&M8%TMT8%HCLS6%CP5%Others3%By deal valueBy deal v

55、olumeTop 5 sectors*Value US$mYOY%1 P&U3.1+438%2 FS1.6+11%3 AM&M1.6-7%4 RHC1.3+64%5 M&M1.2-18%Top 5 sectors*VolumeYOY%1 TMT69+3%2 AM&M31-11%3 FS29-9%4 CP28+40%5 HCLS17-43%TMT31%AM&M14%FS13%CP12%HCLS8%M&M6%P&U6%RHC5%Others5%*AM&M refers to advanced manufacturing&mobility;RHC refers to real estate,hosp

56、itality&construction;HCLS refers to health care&life sciences;FS refers to financial services;CP refers to consumer products;P&U refers to power&utilities;M&M refers to mining&metals.Sources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but

57、not yet completed,data was downloaded on 5 July 2023;EY analysisOverview of China outbound investment of H1 2023Overseas M&As(contd)Regional analysisSources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloa

58、ded on 5 July 2023;EY analysisSummaryODIOverseas M&AsOverseas EPCPage 7ContinentDeal value Deal volumeAsiaUS$1.6b87EuropeUS$3b61North AmericaUS$2b49OceaniaUS$1.4b12AfricaUS$610m6Latin AmericaUS$3.2b9Overview of China outbound investment of H1 2023The announced M&A deal value by Chinese companies in

59、Latin America ranked first for the first time in nearly a decade.In recent years,Chinas circle of friends in Latin America has been continuously expanding,with Brazilian presidents visit to China in H1 2023,Honduras establishing diplomatic relations with China,and China and Argentina signing a coope

60、ration plan under the BRI.These developments have facilitated the progress of China-Latin America economic and trade relations.Additionally,the 16th China-Latin America Entrepreneurs Summit is scheduled to be held in Beijing in the second half of this year,which is expected to further promote exchan

61、ges and cooperation between Chinese and Latin American companies for mutual development.The economic growth of major Latin American countries this year is expected to be 2.6%for Mexico,2.4%for Peru,and 2.1%for Brazil,leading other Latin American nations.However,Argentinas economy is expected to decl

62、ine by 2.5%1.EuropeThe announced M&A deal value was the lowest for the same period in nearly a decade.Over 40%of the M&A deal value was invested in the financial services sector,with other popular sectors including mining&metals and real estate,hospitality&construction.The main destinations for inve

63、stments were the UK and Germany,with M&A deal values rising against the trend by 117%and 91%,respectively.The two countries combined M&A deal values accounted for 86%of the total announced M&A deals in Europe.Lately,high-level visits between China and Europe have been frequent,and China attaches gre

64、at importance to the European market in terms of economic and trade cooperation.In June this year,Chinese Premier Li Qiang made his first official visit to Germany and France after taking office.Leaders from both Germany and France expressed their opposition to any form of“decoupling”and welcomed Ch

65、inese companies investment in their countries.In the future,China is expected to deepen cooperation with Germany and France in areas such as automobile manufacturing,high technology,new energy,digital economy and semiconductors.In 2023,the overall economic growth of European countries will be weak,w

66、ith relatively high inflation levels.The Eurozone is expected to grow by only 0.9%this year,far below the global average of 3%,and Germany is expected to decline by 0.3%1.Latin AmericaOverseas M&As(contd)up 1,737%YOYUS$3.2bdown 40%YOY9 dealsdown 44%YOYUS$3bdown 24%YOY61 dealsRegional analysisSummary

67、ODIOverseas M&AsOverseas EPCPage 8Sources:World Economic Outlook update,IMF,July 2023;World Economic Outlook,IMF,April 2023 Overview of China outbound investment of H1 2023Overseas M&As(contd)Regional analysisNorth America is the only continent where the M&A deal volume has increased.The TMT sector

68、saw a significant growth in transaction volume by 150%,mainly directed toward software development and electronic components.M&A deals in the healthcare&life sciences and TMT sectors accounted for 75%of the total M&A deal value by Chinese companies in North America.Currently,the US inflation rate ha

69、s decreased to around 3%1.It is predicted that the US economy will grow by 1.8%this year,with strong growth in consumer spending.The IMF has revised its forecast for the US economy by 0.2 percentage points higher than the April forecast2.down 28%YOYUS$2b49 dealsNorth Americadown 61%YOYUS$1.6b87 deal

70、sAsiaMainly invested in South Africa and Egypts advanced manufacturing&mobility sector.A major transaction in Q2 was the acquisition of a South African cement producer by a Chinese company,which was a key move in the companys active overseas development strategy and will strengthen its leading posit

71、ion in the region.China has become the fourth-largest source of investment in Africa and remains the largest trading partner4.Recently,the third China-Africa Economic and Trade Expo was successfully held in China,with the number of signed agreements reaching a record high.China-Africa economic and t

72、rade cooperation is moving towards a new stage of high-quality development.This year,East African countries are expected to maintain high economic growth,with Ethiopia,Kenya and Tanzania expected to grow by 6.1%,5.3%,and 5.2%,respectively2.down 24%YOYUS$610mdown 14%YOY6 dealsOceaniaup 225%YOYUS$1.4b

73、12 dealsAfricaThe top three M&A destinations in Asia were Vietnam,Singapore and Japan,accounting for 64%of the total M&A deal value,with investments in Vietnam showing a counter-trend increase,with both the investment amount and number of deals increasing by over 200%.Overall,investment activity has

74、 increased in ASEAN countries,with a YOY growth of 35%in the number of M&A deals.The main sectors for Chinese M&A in Asia were real estate,hospitality&construction,financial services and advanced manufacturing&mobility.It is predicted that India and the ASEAN-53countries will grow by 6.1%and 4.6%res

75、pectively this year,with the Philippines and Vietnam leading ASEAN with economic growth rates of 6%and 5.8%,respectively2.up 11%YOYdown 3%YOYThe investments were mainly in Australias mining&metals,real estate,hospitality&construction,and consumer products sectors.SummaryODIOverseas M&AsOverseas EPCP

76、age 9down 45%YOYSources:1.U.S.Department of Labor,June 2023 data;2.World Economic Outlook update,IMF,July 2023;World Economic Outlook,IMF,April 2023;3.Note:ASEAN-5 includes Malaysia,Indonesia,Thailand,the Philippines,and Singapore;4.The State Council of ChinaOverview of China outbound investment of

77、H1 2023Overseas M&As(contd)Regional analysisTop 10 destinations of China overseas M&As in H1 2023(By deal value:US$million)Top 10 destinations of China overseas M&As in H1 2023(By deal volume)Sources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been annou

78、nced but not yet completed,data was downloaded on 5 July 2023;EY analysisSummaryODIOverseas M&AsOverseas EPCPage 10DestinationH1 2023H1 2022YOY%1US4137+11%2Singapore3119+63%3Germany1613+23%4Japan1320-35%5Australia1220-40%6UK1017-41%7South Korea917-47%8Canada87+14%8Italy84+100%10Vietnam72+250%10Franc

79、e79-22%10Malaysia76+17%DestinationH1 2023H1 2022YOY%1Peru3.0/2UK2.1 1.0+117%3US1.9 2.6-27%4Australia1.4 0.4+234%5Vietnam0.5 0.2+217%6Germany0.4 0.2+91%7Egypt0.4/8Singapore0.3 1.2-72%9Japan0.2 0.4-39%10South Africa0.2/Overview of China outbound investment of H1 2023EPCChina overseas EPC showed a cont

80、inuous decline in newly-signed contract value,while completed turnover remained stableIn H1 2023Chinese enterprises newly-signed EPC contracts worth US$94.7b,down 8.6%YOY.Among them,B&R new contracts amounted to US$47.6b,up 8.8%YOY,which accounting for 50.3%of the total for the same period.Chinese e

81、nterprises overseas EPC completed turnover reached US$70.7b,remaining relatively stable.B&R completed turnover amounted to US$40.1b,up 4.4%YOY,constituting 56.7%of the total for the same period.Notable new overseas EPC projects signed by Chinese enterprises1in Q2 include:1.A residential tower projec

82、t in the UAE with an investment of about US$1 billion;2.An East African crude oil export pipeline project with a contract value about US$806 million;3.A petrochemical engineering project in Saudi Arabia with a contract value about US$720 million;4.An industrial park project in Ethiopia with a contra

83、ct value about US$600 million.Source:1.Public domain informationValue of newly-signed China overseas EPC contracts(US$billion)260.3255.5258.5253.1Value of completed turnover of China overseas EPC contracts(US$billion)172.9156.0154.9155.0SummaryODIOverseas M&AsOverseas EPCPage 11Note:Due to rounding,

84、some totals may not correspond with the sum of the individual quarters.Source:Monthly Statistics in Brief,China MOFCOM50.655.453.547.443.255.351.856.956.251.540.843.049.243.5113.6105.298.9106.0010020030020192020202120222023Q1Q2Q3Q494.733.128.030.129.031.737.232.637.841.639.131.830.739.536.470.864.74

85、7.548.0010020020192020202120222023Q1Q2Q3Q470.7Overview of China outbound investment of H1 2023COIN links EY professionals around the globe,building on the existing China Business Group in the Americas,EMEIA and Asia-Pacificareas,and provides Chinese clients with one-stop services,covering all stages

86、 of overseas investment,from planning to executionand post-deal integration.Global reach and local expertiseMultilingual seamless service teamsExtensive cross-border transaction experience and full coverage of services70+Countries and territories in the EY global service network3,200+Clients assiste

87、d globally74,000+Overseas engagements*Data from the last 3 years90%1,600+Clients assisted in B&R countries34,000+Projects assisted in B&R countriesCountries and regions along the B&REMEIA AreaAmericas AreaCanadaUnited StatesCaribbean RegionIsraelBoliviaEcuadorJamaicaMexicoPeruVenezuelaArgentinaBrazi

88、lChileAustriaBelgiumCzech RepublicDenmarkFinlandFranceGermanyGreeceHungaryItalyKazakhstanKyrgyzstanLuxembourgNetherlandsNorwayPakistanPolandPortugalRomaniaSpainSwedenSwitzerlandTurkeyUnited KingdomUzbekistanBahrainEgyptKuwaitSaudi ArabiaUnited Arab EmiratesIndiaAlgeriaAngolaCameroonDemocratic Republ

89、ic of CongoEthiopiaLibyaMozambiqueNigeriaSouth AfricaSouth SudanUgandaZambiaZimbabweAustraliaNew ZealandJapanSouth KoreaBruneiCambodiaIndonesiaLaosMalaysiaMyanmarPhilippinesSingaporeSri LankaThailandVietnamAsia-Pacific AreaChina Overseas Investment Network(COIN)Global networkPage 12Overview of China

90、 outbound investment of H1 2023ChinaChina Overseas Investment Network(COIN)global contactsFor more information about EY COIN,please visit the website at or contact:AmericasAsia-PacificEMEIAQinghua Xu-pionchonEMEIA Area COIN Leader+33 1 4693 4363qinghua.xu-Paris,FranceYi SunEurope West COIN Leader+49

91、 211 9352 Dusseldorf,GermanySuwin LeeThe United Kingdom and Ireland COIN Leader+44 20 7951 London,UKJohn LiOceania COIN Leader+61 2 9248 Sydney,AustraliaShau ZhangAmericas Area COIN Leader+1 617 375 Boston,USAEric XiaoCanada COIN Leader+1 416 943 Toronto,CanadaFernanda ChangSouth America COIN Leader

92、+55 11 9625 San Paulo,BrazilAdrian KohASEAN COIN Leader+65 6309 SingaporeLoletta ChowGlobal COIN Leader+852 2629 Hong KongErica SuStrategy and Transaction Services Leader,Greater China+86 21 2228 ShanghaiJesse LvGlobal COIN Tax Leader+86 21 2228 2798 ShanghaiAlex Zhu Energy&Resources Co-leader,Great

93、er ChinaStrategy and Transaction Services Leader,China North+86 10 5815 BeijingJulie HaoCo-LeaderChina Tax Outbound Center+86 10 5815 2805 BeijingLawrence Lau Financial Accounting Advisory Services Leader,Greater China+86 21 2228 ShanghaiWood ZhangAudit PartnerErnst&Young Hua Ming LLP+86 10 5815 Bei

94、jingJack ChanChairman,ChinaRegional Managing Partner,Greater ChinaMember of The Global Executive+86 10 5815 BeijingSoon Yen ChongInternational Tax and Transaction Services PartnerErnst&Young(China)Advisory Limited+86 21 ShanghaiAreas/RegionsAndrew ChoyInternational Tax and Transaction Services Leade

95、r,Greater China+86 10 5815 BeijingEric ChiaGreater China Consulting Markets Leader+86 21 2228 3388 Shanghai Page 13EYCOINFollow us on WeChatScan the QR code and stay up-to-date with the latest EY news.EY|Building a better working worldEY exists to build a better working world,helping to create long-

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